Study On The Influencing Factors Of Transaction Price In China’s Stock Commodity Housing Market

The rapid growth of China’s economic development has led to the general development of various industries in the country.Among them,the commercial housing market has been very active in recent years.In fact,commercial housing can be used for investment,financial value,and meet the rigid needs of people’s lives,so the attention of the community to the commercial housing market has generally increased.The rapid development of the commodity housing market will inevitably bring about a series of problems that restrict the development process,the most serious of which is the information asymmetry in the commodity housing market.Commodity housing market is divided into newly added and stock commodity housing market.The newly added commodity housing market is not only more standardized in the transaction process,but also higher in the disclosure of relevant information about newly built housing than the stock commodity housing market.The trading object in the stock commodity housing market,namely the stock commodity housing,has a large number of heterogeneous characteristics,which leads to the lack of information in the stock commodity housing market.The symmetry problem is far more serious than the new commercial housing market.Therefore,from the perspective of information asymmetry,this paper chooses the stock commodity housing market as the focus of this study and has more research value.In the stock commodity housing market,the prominent information asymmetry problem seriously affects the rationality of the stock commodity housing transaction price,that is,the transaction price of the stock housing transaction market does not reflect the real value of the housing,which greatly reduces the transaction efficiency of the stock housing market.This paper is to study and analyze the stock commodity housing market transaction from the perspective of information asymmetry.Influencing factors of price.Firstly,based on information asymmetry theory、transaction cost theory and market equilibrium theory,this paper analyses the current situation of stock commodity housing market,which leads to the problem of information asymmetry.Secondly,it analyses the stock commodity housing market with serious information asymmetry between buyers and sellers by relying on a market framework of competitive equilibrium constructed by Kuriat(2012)①.On the basis of the analysis of how this significant information asymmetry affects the equilibrium market result,i.e.the transaction price,it is predicted that the difference in the degree of information each buyer and seller has is the main influencing factor of the final transaction result,i.e.the equilibrium transaction price.Then,it is empirically tested on the basis of the comprehensive transaction data of the stock commodity housing market in Beijing and Tianjin,drawing a conclusion that is the difference of private information between buyers and sellers is the main factor affecting the deviation of transaction price from the value in the stock commodity housing market,among them,the difference of private information between buyers has a greater impact on the rate of price deviation..Finally,the government and the buyers and sellers put forward policy recommendations respectively to reduce the degree of information asymmetry,so as to ensure the healthy and stable operation of the stock commodity housing market.